Shock closure of Suffolk family firm
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A family-owned textiles business in Sudbury will close its doors for the final time in April after 125 years of trading.
W Attwood Limited, based on Chilton Industrial Estate, will cease trading at the end of April 2019, with all seven employees being made redundant.
It was founded in 1894.
The company produces a variety of materials for tailoring and other manufacturers including bias binding, corded piping and trouser waistbands.
The company has had many years of trading success in textile manufacturing, however, a declining market and a move by customers to order products and services from overseas has seen turnover and profits fall in recent years.
Managing director Martin Attwood said: “It is with great regret that we have had to take the decision to cease trading.
“However, following discussions with our professional advisors, the board felt it necessary to take these steps now whilst we are still in a position to settle the company’s debts and other obligations in full.
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“We have enjoyed many years of trading success, thanks in no small part to the hard work and dedication of our employees.
“We will now be supporting them during this difficult period to find work elsewhere, whilst continuing to complete customers’ orders to the end of March.”
CVR Global LLP, business recovery specialists, has been instructed to assist W. Attwood Limited’s board with the orderly winding up of company’s affairs.
Lee De’ath, a CVR Partner based at their Colchester office, said: “It is always disappointing to see a company with such a long and successful history cease trading.
“However with the uncertainties surrounding future trading and succession, the board was keen to act now whilst matters remain in their own hands.
“We will be working with the board to oversee the orderly winding up of the company’s affairs. All customers’ orders will be fulfilled, and suppliers and employees will be paid what they are due.”